UCC have announced the arrival of a new low-rate loan scheme for undergraduate students, provided by Bank of Ireland, to cover the cost of the Student Contribution Charge, currently €2,250. The loan is available to parents or guardians of undergraduate students over a period of up to eight years.
Announcing the new low-rate loan scheme, Professor Caroline Fennell, Deputy President, said,“The University recognises the payment of the Student Contribution Charge can be a challenge for many families and is delighted that with the support of Bank of Ireland, this scheme will help ease the financial burden”.
This new low-rate loan aims to ease the burden of payment of the student contribution charge by allowing parents or guardians to spread the cost of the charge with payments of just €100 per month for the duration of study at a rate of 5.1% APR.
The loan is available to cover the full cost of the Student Contribution Charge for the undergraduate course, with approval for the full cost of the study period delivered up-front. Payments are made annually to the University directly from Bank of Ireland. Currently the charge is €2,250 per annum, therefore for a four-year undergraduate course the parent or guardian can apply to borrow up to a maximum of €9,000.
Commenting on the initiative, David Merriman, Regional Manager, Bank of Ireland, said, “Bank of Ireland is proud to be able to deliver meaningful products and services to Ireland’s students and graduates. We are very conscious that in the current economic climate Ireland’s future generation of employees need initiatives such as this to enable them up-skill for a changed environment. We look forward to working with UCC students and their parents/guardians to provide finance to enhance their skills and their prospects for their future careers”.
Dave Carey, Welfare Officer, Vice-President, Students Union welcomed this initiative saying, “Any new scheme that helps parents support their child’s university education is to be welcomed and we will work closely with the University and Bank of Ireland on campus to promote this scheme as an option”.